@fxyzul It's not real debt. It gets written off after 25 years. You'll never pay it all back. I have no idea how much I owe. Literally haven't checked for years. Think of it as a scammy subscription. Never ever make a lump sum payment, ever!

@lacescael @fxyzul Sorry but this is not the right way to look at it. You only don't get close to paying it off because it keeps growing forever through interest while you pay. In reality you may actually pay the principal amount several times over

@luke_vassor @fxyzul It's a horrible system, but the debt is not listed on your credit file, unlike pretty much all other forms of debt.

@lacescael @fxyzul After 25 YEARS... Not real debt? Hahaha

@cbnthfc @fxyzul unless you are earning big money for *every single one* of those 25 years, full repayment is unlikely, especially with interest being added on all the time

@lacescael @fxyzul It's been raised to 40 years since Plan 5 came into existence in 2023.

@EngagesBrain @fxyzul 40 years is appalling

@lacescael @fxyzul "It's not real debt" So how comes they automatically take money out of your account every month. Leave it out Cesca

@FlamurKrasnq @fxyzul It doesn't show up on a credit check, unlike pretty much all other forms of debt. I still think it's a disgusting system, however

@lacescael @fxyzul It is real debt and for most it is not worth it.

@lacescael @fxyzul In England it’s now 40 years. Plan 2 30 years after the April you were first due to repay. Only N Ireland has 25 years that I’m aware of.

@lacescael @fxyzul It’s a student tax, most won’t pay it back, but only because the interest is so high.

@lacescael @fxyzul This is horrendous advice. If you are paying £200 quid a month for 30 years, that could've gone in the s&p500 and given you several hundred grand in your retirement. The advice should be to NOT go to uni unless you absolutely know what career you want (preferably having done work

@lacescael @fxyzul No disrespect, but if you earn any half decent money student finance takes a more than a chunk. You can end up paying 3-4x the loan value before it’s written off. When the repayments are in the £00s/month you definitely should be looking to pay it off. Terrible advice.

@lacescael @fxyzul You do pay it back though. They difference is they have allowed interest to go to 6/7%. When I took the loan it was 1%. I may not pay the loan off but over the next 25 years I will definitely pay what I borrowed and then some.

@lacescael @fxyzul Whoever believes this is either unemployed, on benefits, or on a very part-time income. The threshold where you start paying back is £25k, before tax. So, just a smidge above minimum wage.

@lacescael @fxyzul I thought that until I started making more cash. Wiped it last year but then again 2009 I was £17k in debt. Interest started at 1.5% then went to 4-6% I got finessed hard

@lacescael @fxyzul And this is exactly why people are in a shit ton of student debt, with their shit worthless degrees. Money coming out of your pay check every month is DEBT

@lacescael @fxyzul In 25 years, the total interest payment made is much more than the principal/loan. Essentially, after collecting $$$ for 25 years, Shylock “writes off” the loan.

@lacescael @fxyzul If you don’t think of it as more than a subscription, you’re not making enough to justify getting the degree & should consider a career change

@lacescael @fxyzul I paid mine back for the first time last year. I’m self employed and I think I ended up paying between £2k-£3k at the end of the tax year. I thought you had to pay back 9% on everything over £27k?

@lacescael @fxyzul I get this terrible feeling that the government will find a way to extend that 25 years of payment in the future.

@lacescael @fxyzul Sounds like you’re on plan 1. Plan 2 is 30 years and that’s a long time. Pretty sure I’ll end up paying it off within the 30 years.

@lacescael @fxyzul You obviously didn't take economics or finance at uni.

@lacescael @fxyzul Yep, it's more like a student tax.

@lacescael @fxyzul Totally depends when your student loan was taken out. Mine was 2005, so the 25year period doesn’t apply. I pay the whole time I earn, with no hope of paying it off with such high interest rates.

@lacescael @fxyzul ‘Never make a lump sum payment’ is terrible advice once you start making half decent money. The interest is very high and you could save yourself a lot of money in the long run

@lacescael @fxyzul 💯 and if you go travelling (like my son and girlfriend) you don’t pay it. If they end up working her family farm they won’t earn enough to pay it, if you have a baby and go part time you won’t pay it !!!!! It doesn’t count on credit checks either !

@lacescael @fxyzul 40 years now! And the people paying- as always - are the grafters!

@lacescael @fxyzul Think it’s 35 years for new loans.